* Herbert and Rose Rubin Professor of International Law, New York University School of Law.1 SeeAbram Chayes, Thomas Ehrlich, Andreas F. Lowenfeld, International Legal Process ch. 10 (196869).2 Cynthia Lichtenstein, Preparing Students for Practice in International Law: On Teaching the Law of International Transactions: International Economic Law, 80 Am. J. Intl L. 722, 727 (1986) (book review).3 Letter from Lord Keynes to Prof. Jacob Viner ( Oct. 1, 1943), quoted inHorsefield & de Vries et al., 1 The International Monetary Fund 194565, at 72 (1969).4Richard N. Gardner, Sterling-Dollar Diplomacy 113 (3d ed. 1980).5 Articles of Agreement of the International Monetary Fund, Dec. 27, 1945, 60 Stat. 1401, 2 U.N.T.S. 39.6 Ex. Bd. Decision No. 712 (Sept. 26, 1946), inSelected Decisions of the International Monetary Fund 128 (25th Issue 2000) [hereinafter Selected Decisions].7 Ex. Bd. Decision No. 2844 (Mar. 10, 1948), inSelected Decisions, supra note 6, at 129.8 Ex. Bd. Decision No. 102-(52/11) (Feb. 13, 1952), inSelected Decisions, supra note 6, at 130.9 Letter of Intent of November 23, 1967, 755 Parl. Deb., H.C. (5th ser.) (1967) 64865, reprinted inAndreas Lowenfeld, The International Monetary System 6567 (2d ed. 1984).10Id.11Id. To be precise, as long as Fund holdings of sterling exceeded 125% of Britains quota. Id.12See Amended Articles of Agreement of the International Monetary Fund, Apr. 30, 1976, art. IV, 29 U.S.T. 2203, T.I.A.S. No. 8927 [hereinafter Amended Articles of Agreement] (concerning Obligations Regarding Exchange Arrangements).13Id. arts. V(3)(a), (c).14 Ex. Bd. Decision No. 6056-(79/38) (Mar. 2, 1979), inSelected Decisions, supra note 6, at 228.15Id. ¶ 8.16SeeMargaret Garretson de Vries, 1 The International Monetary Fund 19721978, at 2324 (1985). Italy was the last First World country to draw on the Fund, in 1977.17SeeJoseph Gold, Stand by Arrangements of the International Monetary Fund 4445 (1970).18 IMF Press Release No. 82/72 (Dec. 23, 1982), reprinted in 12 IMF Survey, Jan. 1983, at 1.19See Kenneth N. Gilpin, Brazil Gets $6.5 Billion in New Loans,N.Y. Times, Jan. 28, 1984, at 39.20 The Exchange Stabilization Fund (ESF) was established pursuant to section 10 of the Gold Reserve Act of 1934, codified and amended as 31 U.S.C. § 5302. Though the purpose of the ESF had no relation to crises in foreign countries, the General Counsel of the Department of the Treasury pointed out in a formal opinion that Congress had, at several times, rejected proposals to limit the Presidents authority under the Act, and argued that, [t]he highly technical and complex area of foreign exchange and exchange market stability blends important considerations of monetary and foreign policy . . . an area that is properly left to the discretion of the President. Letter from Edward S. Knight, General Counsel, to Robert E. Rubin, Secretary of the Treasury (Feb. 21, 1995) (on file with author).21See David E. Sanger, Mexico Repays Bailout by U.S. Ahead of Time, N.Y. TIMES, Jan. 16, 1997, at A1.22See Richard W. Stevenson & Jeff Gerth, I.M.F.s New Look: A Far Deeper Role in Lands in Crisis,N.Y. Times, Dec. 8, 1997, at A1.23 In accordance with the IMFs new policy of encouraging member states to make their Letters of Intent and associated documents public, Koreas Letter of Intent and six accompanying Memoranda on Economic Program, 1998 appear on the IMF Web Site. Letter of Intent from the Government of the Republic of Korea to Michel Camdessus, Managing Director of IMF (Feb. 7, 1998), at http://www.imf.org/external/np/loi/ 020798.htm. A footnote to the Memorandum on Macroeconomic Policies states, [I]t is the governments intention to seek approval of the National Assembly for the measures that require the enactment or amendment of laws. Id. Footnotes to two other Memoranda state the details of the measures there outlined will be included in the World Bank Structural Adjustment Loan negotiated at the same time. Id.24 For more information, see Letter of Intent from the Government of the Republic of Korea to Michel Camdessus, Managing Director of IMF (Mar. 10, 1999), at http://www. imf.org/external/np/loi/1999/031099. Similar Letters of Intent were negotiated with Thailand and Indonesia, differing in detail but not in the scope of the subjects covered.25 Martin Feldstein, Refocusing the IMF, 78 Foreign. Aff., Mar.Apr. 1998, at 20, 27.26 Michel Camdessus, Address at the Council on Foreign Relations (Feb. 6, 1998),27 IMF SURVEY, Feb., 1998, at 49, 50, available at http://www.imf.org/external/np/speeches/ 1998/020698.htm.27 Stanley Fischer, Address at U.C.L.A., The IMF and the Asian Crisis (Mar. 20, 1998), at http://www.imf.org/external/np/speeches/1998/032098.htm.28SeeIMF Ann. Rep. 2001, at 4757.